Newspaper article THE JOURNAL RECORD

Joint Venture Takes Ownership of Tulsa Promenade, Plan to Upgrade Continue

Newspaper article THE JOURNAL RECORD

Joint Venture Takes Ownership of Tulsa Promenade, Plan to Upgrade Continue

Article excerpt

The ownership of Tulsa Promenade has been fully transferred to a joint venture, and the companies involved said they're continuing plans to sign leases and upgrade the massive shopping mall.

Glimcher Realty Trust, a prominent firm that buys, owns, manages and develops enclosed regional and super-regional malls, has transferred its ownership interest in the 927,000-square-foot Promenade to its venture with Oxford Properties Group.

Glimcher also placed a mortgage debt on the property of $35 million to pay down the line of credit the company used to buy the mall. Interest payments on the loan will be at 6.52 percent because of an interest rate swap agreement entered into by the venture. The loan will mature in 2009.

Columbus, Ohio-based Glimcher will continue to own a 52-percent interest in the venture, and Oxford 48 percent. Glimcher will continue to manage the property under a separate management agreement and be entitled to management fees, leasing commissioners and other compensation.

Executives at Glimcher said they're excited to be on the grounds managing the mall and talking to prospective tenants. The Mervyn's anchor store, however, is still owned by the company.

Mervyn's officials are looking at prospective tenants, said Glimcher senior vice president Mark Yale. He declined to identify the names of any interested retailers.

The opportunity with Mervyn's is something we're focused on and it's key to our plans going forward, Yale said.

Plans to upgrade the mall are still a go, he said. That includes increasing occupancy.

We think there's an opportunity to upgrade the quality of the tenant base, and that's part our plan. As get leases signed, we will make some type of announcement, Yale said.

Glimcher purchased the mall for $58.3 million in December from Coyote Interests.

As of Friday, the sale was not expected to affect plans by Federated Department Stores to convert the Foley's department store at Promenade into a Macy's, Glimcher executives said. …

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